Intact Financial (IFC) AGM 2025 summary

Opening remarks and agenda

• The meeting was chaired by the Chair of the Board, with simultaneous English and French translation and closed captioning available.

• Voting and question procedures were explained, with only shareholders and proxies able to vote or ask questions.

• Notice requirements were met, a quorum was present, and the meeting was properly constituted.

Financial performance review

• 2024 saw record insured losses from severe weather, with CAD 1.5 billion in catastrophe losses.

• Despite challenges, a 16.5% operating return on equity was delivered, and the balance sheet remained strong.

• Net operating income per share was CAD 14.43, and the combined ratio improved to 92%.

• Dividends increased for the 20th consecutive year, with a 10-year CAGR of 10%.

• Annualized total shareholder return reached 15%, outperforming the S&P/TSX 60 by 600 basis points.

Board and executive committee updates

• Several executive transitions occurred, including a new CFO and leadership changes in Global Specialty Lines.

• Succession planning remains robust, with an average of five successors for each senior executive role.

• Board engagement included meetings with major shareholders representing 36% of shares.